🚗 Popular Vehicles and Services Limited IPO GMP
📅 IPO Opening Date: Today, Kerala-based Popular Vehicles and Services Limited has opened its IPO. Retail investors can bid for the IPO until March 14th.
💰 Anchor Investors: Before the IPO opened, the company raised ₹180.17 crores from anchor investors on March 11th. They allocated 61,07,325 shares at ₹295 per share to anchor investors.
🤝 Major Investors: HDFC Mutual Fund, Quant Mutual Fund, HSBC Global Investment Fund, LionGlobal Investment Fund, BofA Securities Europe SA, PineBridge Global Fund, and ITI Mutual Fund are among the major investors who participated in the anchor books.
💵 IPO Details: Popular Vehicles and Services Limited will raise ₹601.55 crores through its IPO. The company is issuing 8,474,576 new shares at a price of ₹250 per share. Existing investors are selling 11,917,075 shares worth ₹351.55 crores.
📈 IPO Price Band: The price band for the IPO is set at ₹280-295 per share. Retail investors can bid for a minimum of 50 shares. Applying for 1 lot (50 shares) at the upper price band of ₹295 will require an investment of ₹14,750.
📊 Grey Market Premium: Before the IPO opened, the company’s shares were trading at a premium of 9.15% or ₹27 per share in the grey market. The listing price could be around ₹322, depending on the upper price band of ₹295.
ℹ️ About the Company: Established in 1983, Popular Vehicles and Services Limited is a popular player in the automobile dealership business. The company provides various services, including sales of new and used vehicles, servicing, distribution of spare parts, driving school, and sales of third-party financial and insurance products.
Disclaimer: This is News Coverage with Opinions of Experts and Should Not Be Taken as Direct Market Buying Tip. Market is always subject to risk. We recommend taking our content as research before investing.
